Global Thermoplastic Elastomers Market, By Product Type (Styrene Block Copolymers (TPE-S), Thermoplastic Polyolefin, Thermoplastic Olefins (TPE-O), Elastomeric Alloys (TPE-V or TPV), Thermoplastic Polyurethanes (TPU), Thermoplastic Co-polyester, Thermoplastic Polyamides), Application (Automotive, Building and Construction, Electrical and Electronics, Household Appliances, Medical, Adhesives, Sealants and Coatings, Footwear, HVAC, Others) – Industry Trends and Forecast to 2029.
Global Thermoplastic Elastomers Market Analysis and Size
The automotive industry's requirement for thermoplastic elastomers for lightweight vehicle components is projected to drive the market. In addition, the market is expected to grow as a result of the adoption of this product by numerous sectors due to its eco-friendly and easy-to-recycle nature. They high usage of thermoplastic elastomers across end users is resulting in increased traction for the market.
- Global Thermoplastic Elastomers Market was valued at USD 19.90 billion in 2021 and is expected to reach USD 32.20 billion by 2029, registering a CAGR of 6.2% during the forecast period of 2022-2029. " automotive " accounts for the material type segment in the application elastomers market as it is highly utilized across used in exterior filler for panels, wipers, rocker panels, body seals, automotive gaskets, door and window handles, other under-the-hood applications. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Global Thermoplastic Elastomers Market Definition
Thermoplastic elastomers (also known as plastic wrap, food wrap, saran wrap, and stretch film) is a thin transparent plastic film that sticks to surfaces and to itself and is used to wrap food in containers. Thermoplastic elastomers are high-quality food wrap films that keep food fresh, protect it from insects and microbiological contamination, and reduce the risk of food waste by extending its shelf life.
Thermoplastic elastomers are a combination of thermoplastic and elastomeric polymers. Thermoplastic elastomers are employed in a wide range of industries, including automotive, medical, construction, and packaging. Because it has elastomeric properties, it is flexible and soft, allowing it to be stretched two or three times its original size. The most typical application of thermoplastic elastomers in consumer goods is in headphones, where they are used as a small, translucent flexible material. Bottle cap liners and sealing rings can also be made from thermoplastic elastomers.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Million, Volumes in Units, Pricing in USD
By Product Type (Styrene Block Copolymers (TPE-S), Thermoplastic Polyolefin, Thermoplastic Olefins (TPE-O), Elastomeric Alloys (TPE-V or TPV), Thermoplastic Polyurethanes (TPU), Thermoplastic Co-polyester, Thermoplastic Polyamides), Application (Automotive, Building and Construction, Electrical and Electronics, Household Appliances, Medical, Adhesives, Sealants and Coatings, Footwear, HVAC, Others)
U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa
Market Players Covered
Arkema (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), Dow (U.S), Covestro AG (Germany), Huntsman International LLC. (U.S.), Teknor Apex (U.S.), The Lubrizol Corporation (U.S.), Tosh Corporation (Japan), Kraton Corporation (U.S.), China Petroleum Corporation (China), Mitsubishi Chemical Company (Japan), DuPont (U.S.), SIBUR (Russia), Corporate. Evonik (Germany), Dynasol Group (Spain)
Thermoplastic Elastomers Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increased Demand Across Verticals
The increasing adoption of thermoplastic elastomers by the end-user verticals such as the automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC and others across the globe is estimated to carve a way for the growth of the market. The thermoplastic elastomers is highly utilized in the healthcare industry to make medical equipment like catheters, medication delivery tubes, surgical tool grips, and various implants, among other things.
Growing Awareness Regarding Their Benefits
Furthermore, the growing awareness regarding the advantageous properties of thermoplastic elastomers such as their superior performance qualities such as cleanliness, shock absorption, flexibility, weather, chemical, and thermal resistance, easy sterilization, and dimensional stability will further expand the future growth of the market. Also, due to their eco-friendliness, cheap energy costs in production, and ease of molding, processing, and recycling, thermoplastic elastomers are becoming more popular, which will bolster the market growth.
The rising construction activities and infrastructural development operations will further propelled the growth rate of thermoplastic elastomers market. These surging usage of thermoplastic elastomers in electric vehicles will drive market value growth. Rapid urbanization around the world, combined with rising consumer disposable income, has resulted in exponential growth of the vehicle industry, which in turn has fueled the growth of the thermoplastic elastomers market.
- Development of Sustainable Products
Furthermore, the growing focus of market players toward developing sustainable and environment-friendly products extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
- Surging Demand For Bio Based Thermoplastic Elastomers
Additionally, the continuous innovation and commercialization of bio-based thermoplastic elastomers and surging demand for bio-based thermoplastic elastomers will also offer growth opportunities for the market.
Restraints/Challenges Global Thermoplastic Elastomers Market
- Fluctuation of Raw Material Prices
The volatility or fluctuations in the prices of raw materials will create hindrances for the growth of the thermoplastic elastomers market.
- Limitations within the Market
Technical constraints will result from a scarcity of skilled people, which will have a detrimental impact on the thermoplastic elastomers business. Furthermore, the lack of advanced technology in low and middle-income economies will result in insignificant research and development outcomes. Therefore, these factors will challenge the thermoplastic elastomers market growth rate.
This thermoplastic elastomers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the thermoplastic elastomers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Thermoplastic Elastomers Market
The recent outbreak of coronavirus had a significant influence on the thermoplastic elastomers market. The thermoplastic elastomers market was critically affected. The government across the globe imposed various restrictions and lockdown measures. As a result the demand for automotives fell dramatically across the world, which further led to declined usage of thermoplastic elastomers in the automotive industry. Furthermore, the use of thermoplastic elastomers in the construction industry decreased since practically all major construction projects around the world came to a halt owing to government-imposed statewide lockdowns. These factors has adverse impact on market demand for thermoplastic elastomer and led to huge financial challenges for the market.
On the brighter side, the use of thermoplastic elastomers in the manufacture of medical equipment, on the other hand, rose during the pandemic. This has boosted demand for certain materials in the healthcare industry.
- In March 2020, Veloxis Pharmaceuticals Inc. was bought by Asahi Kasei Corporation. The company's presence in the pharmaceutical industry will be enhanced as a result of this acquisition. Asahi Kasei is focused on accelerating its transformation into a global health-care provider. Asahi Kasei will maximise the value of both the current and acquired pharmaceutical companies in collaboration with Veloxis' newly expanded management team and workers.
- In January 2020, Solvay's global, non-European PA6.6 business was acquired by BASF, including a 50% share in Butachimie's adipodinitrile (ADN) production. The purchase price was $1.53 billion US dollars. The purchase will strengthen BASF's polyamide capabilities by adding innovative and well-known products like Technyl.
Global Thermoplastic Elastomers Market Scope
The thermoplastic elastomers market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Styrene Block Copolymers (TPE-S)
- Thermoplastic Polyolefin
- Thermoplastic Olefins (TPE-O)
- Elastomeric Alloys (TPE-V or TPV)
- Thermoplastic Polyurethanes (TPU)
- Thermoplastic Co-polyester
- Thermoplastic Polyamides
On the basis of product type, the thermoplastic elastomers market has been segmented into styrene block copolymers (TPE-S), thermoplastic polyolefin, thermoplastic olefins (TPE-O), elastomeric alloys (TPE-V or TPV), thermoplastic polyurethanes (TPU), thermoplastic co-polyester and thermoplastic polyamides.
- Building and Construction
- Electrical and Electronics
- Household Appliances
- Sealants and Coatings
On the basis of application, the thermoplastic elastomers market is segmented into automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC and others. The automotive accounts for the largest market share as it is highly utilized across used in exterior filler for panels, wipers, rocker panels, body seals, automotive gaskets, door and window handles, other under-the-hood applications.
Thermoplastic Elastomers Market Regional Analysis/Insights
The thermoplastic elastomers market is analyzed and market size insights and trends are provided by country, product type and application as referenced above.
The countries covered in the thermoplastic elastomers market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the thermoplastic elastomers market because of the growing construction activities across countries in this region. Growth and expansion of automobile industry especially in the developing countries within the region.
Asia-Pacific on the other hand is estimated to grow largely over forecast period of 2022 to 2029 owing to the determinants such as advancements in the healthcare and automotive sector, presence of large number of automotive production plants and the use of biodegradable products.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Thermoplastic elastomers Market Share Analysis
The thermoplastic elastomers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to thermoplastic elastomers market.
Some of the major players operating in the thermoplastic elastomers market are
- Arkema (France)
- Asahi Kasei Corporation (Japan)
- BASF SE (Germany)
- Dow (U.S)
- Covestro AG (Germany)
- Huntsman International LLC. (U.S.)
- Teknor Apex (U.S.)
- The Lubrizol Corporation (U.S.)
- Tosh Corporation (Japan)
- Kraton Corporation (U.S.)
- China Petroleum Corporation (China)
- Mitsubishi Chemical Company (Japan)
- DuPont (U.S.)
- SIBUR (Russia)
- Corporate. Evonik (Germany)
- Dynasol Group (Spain)
Research Methodology : Global Thermoplastic Elastomers Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis.
To know more about the research methodology, drop in an inquiry to speak to our industry experts
Customization Available : Global Thermoplastic Elastomers Market
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